The country's biggest listed fishing company, Sanford, says its annual profits have been hit by weak markets and the high New Zealand dollar.
It made $39 million profit in the year ending September, down 27% on the previous year's $53 million.
The company's revenues were $433 million, down from $436.6 million the previous year.
Sanford managing director Eric Barratt says declining fish prices and the strong dollar have stung profits, and the coming year looks challenging.
Mr Barratt says fish stocks have increased, but the company needs the market to pick up before it can take advantage of them.
Sanford will pay a final dividend of 14c a share.